War borrowing

Bibliographic data

Monograph

Identifikator:: 101124439X

URN:: urn:nbn:de:zbw-retromon-21219

Document type:: Monograph

Author:: Hollander, Jacob H. http://d-nb.info/gnd/136924867

Title:: War borrowing

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1919

Scope:: 1 Online-Ressource (215 Seiten)

Digitisation:: 2018

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: The price level

Collection:: Economics Books

THE PRICE LEVEL 189 emitted $4,659,820,000 certificates of anticipation of the Fourth Liberty Loan and during which there were liquidated the outstanding parts of two issues in anticipation of the Third Liberty Loan of the original nominal aggregate of $1,069,053,000. The deposits and investments of the “ member banks in leading cities ” at the corresponding dates were as follows: June 28 October 4 Number of reporting banks 705 749 Net demand deposits on which re serve is computed $9,117,565,000 $9,521,346,000 Government deposits 1,211,992,000 693,650,000 United States certificates of in debtedness 621,868,000.1,746,135,000 Loans secured by U. S. bonds and certificates 498,830,000 493,164,000 All other loans and investments. 10,539,986,000 10,521,821,000 Of the certificates issued by the Treasury within these three months, the banks retained out of their allotments $1,124,267,000. This investment was unaccompanied by any reduction of commercial de posits, the volume of demand deposits subject to re serve requirements actually increasing $403,781,000. Nor were such additional deposits loan-created, the banks’ loans and other investments showing a slight reduction. A substantial amount of the certificate borrowings, as well as of the earlier government deposits, would seem again to have been “ dis persed ” and to have reappeared in the increased volume of commercial deposits and money in cir culation. The effects of the redemption period, extending from April 22 to July 18, 1918, within which the six

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